Would you rent to this family? (tenant, eviction, rental, security deposit)
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I have a nice single family home that I am trying to rent in Maryland. My realtor has presented me with an application from a family. Here is their situation.
~Filed for bankruptcy in July 2009 due to wife being on bedrest during difficult pregnancy and falling behind on mortgage and car loan payments.
~Bankruptcy discharged in November 2009
~They surrendered their home in the bankruptcy so they moved into a rental in September 2009. Landlord states that they have never been late, and that she hates to see them go. The applicants also provided 17 cancelled checks as proof.
~Household income is 105,000 annually plus $400/month received in child support. They have 4 children.
~They have no late payments or collection accounts since the bankruptcy was filed. They have four credit cards, three with a $0 balance and one with a balance of $1015. So out of $4,050 worth of credit, they are using $1015.00. They also have a car payment of $300.
~The rent is $2600.
My agent said that her office usually uses Saferent, but because of the bankruptcy and the past collections that are still on their credit, she was almost certain that they would not score high enough on the SafeRent scale. She "felt a good vibe from the family" so my realtor had the applicants and their realtor come to her office and they pulled their own credit reports in front of my agent and my agent provided me with actual copies of their reports. Everything that they stated in their letter to me was accurate and the only collection accounts were medical bills that were all discharged with the bankruptcy.
Would you rent to them?
All of the other applicants have either bad credit w/o bankruptcy or poor rental history. My only other options are to lower the rent or wait it out and I can't really afford either.
Where are they living now? How much is thier rent now? if possible, go look at where thay are moving from(drive by). If it looks decent and they look decent, go for it.
I would also make the grace period for the rent 3 days from due date. Make sure they know that if the rent is late eviction proceedings will be started immediatly.
It's ultimatly your call of course. If you feel it's OK, then go with your gut feeling.
Seems like they should be able to afford it relatively easily if they don't have any other debts than the car payments and the one credit card balance.
I agree with the others. Give them a shot. But definitely make it clear there will be no second chances and the eviction process will start with the first late payment.
They currently live in my neighborhood, but in a townhouse so the rent is only $1600. I spoke with the wife this morning and she offered to provide documentation from her doctor. I expressed my concern over the fact that the rent is $1000 more than what they currently pay. I declined the medical records, but within an hour she scanned and emailed me their bank statements for the past 6 months along with their monthly budget. It clearly shows what they pay out each month and how much goes into their savings and I am confident that they can afford it.
I am going to accept them with 2 month's rent as the security deposit.
I have a nice single family home that I am trying to rent in Maryland. My realtor has presented me with an application from a family. Here is their situation.
~Filed for bankruptcy in July 2009 due to wife being on bedrest during difficult pregnancy and falling behind on mortgage and car loan payments.
~Bankruptcy discharged in November 2009
~They surrendered their home in the bankruptcy so they moved into a rental in September 2009. Landlord states that they have never been late, and that she hates to see them go. The applicants also provided 17 cancelled checks as proof.
~Household income is 105,000 annually plus $400/month received in child support. They have 4 children.
~They have no late payments or collection accounts since the bankruptcy was filed. They have four credit cards, three with a $0 balance and one with a balance of $1015. So out of $4,050 worth of credit, they are using $1015.00. They also have a car payment of $300.
~The rent is $2600.
My agent said that her office usually uses Saferent, but because of the bankruptcy and the past collections that are still on their credit, she was almost certain that they would not score high enough on the SafeRent scale. She "felt a good vibe from the family" so my realtor had the applicants and their realtor come to her office and they pulled their own credit reports in front of my agent and my agent provided me with actual copies of their reports. Everything that they stated in their letter to me was accurate and the only collection accounts were medical bills that were all discharged with the bankruptcy.
Would you rent to them?
All of the other applicants have either bad credit w/o bankruptcy or poor rental history. My only other options are to lower the rent or wait it out and I can't really afford either.
What do you think?
I wouldn't.
I wouldn't rent to anyone with 4 children. Not no how, not no way. Of course I would never tell anyone that because I wouldn't want to be sued (even though, as I have mentioned before, it is perfectly legal in Missouri if you only own one house that you are renting).
Anyway, financially, I would not be comfortable with them either.
They currently live in my neighborhood, but in a townhouse so the rent is only $1600. I spoke with the wife this morning and she offered to provide documentation from her doctor. I expressed my concern over the fact that the rent is $1000 more than what they currently pay. I declined the medical records, but within an hour she scanned and emailed me their bank statements for the past 6 months along with their monthly budget. It clearly shows what they pay out each month and how much goes into their savings and I am confident that they can afford it.
I am going to accept them with 2 month's rent as the security deposit.
Thanks again.
Your giving someone a chance hopefully it turns out ok for you!
I would only do it if they would pay a higher sec. deposit, last month rent (perhaps you can have that paid in partial payments over 5 or 6 month) and first month rent....and clear language about late fees, mandatory cleaning fees (if the property is not in similar condition as on move in day minus wear and tear)
Only money or cash....and a due date for rent on the 2nd day of the month in case they don't pay the rent on time I would put the 3 Day Notice up on the 3rd....
If they agree, I might consider it after having seen the spoken with the tenants and have your gut feeling decide, not your wallet or heart...but your brain.
You are better of without a tenant or lower rent than a deadbeat....usually we don't accept any tenants with evictions, felonies or bankruptcy in the past 3 years....they tend default faster than any other tenant.
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